Soybeans Post Gains on Wednesday

Soybean futures rebounded from Tuesday’s losses, with the nearby contracts closing 6 to 7 cents higher. July soy meal was up $3/ton, with soybean oil 17 points in the green. USDA reported a private export sale of 131,000 MT of soybeans to unknown destinations, split between 18/19 (110,000 MT) and 19/20 (21,000 MT). USDA addressed a Bloomberg report of a $2/bu trade aid payment this year, stating they would have an announcement shortly and the program would be designed to avoid skewing planting decisions. Trade estimates for tomorrow’s Export Sales report are for 0-400,000 MT of old crop and 100,000-400,000 MT for new crop soybeans in the week of 5/16. Meal is seen at 75,000-400,000 MT, with soy oil at 4,000-25,000 MT.

Jul 19 Soybeans closed at $8.28 1/2, up 6 1/2 cents,

Aug 19 Soybeans closed at $8.35 1/2, up 6 3/4 cents,

Sep 19 Soybeans closed at $8.42 1/4, up 6 3/4 cents,

Jan 20 Soybeans closed at $8.67 1/4, up 7 cents,

Jul 19 Soybean Meal closed at $298.30, up $3.00,

Jul 19 Soybean Oil closed at $27.31, up $0.17

--provided by Brugler Marketing & Management




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